Uncertainty over Navi Mumbai airport impacts Ulwe’s real estate

MUMBAI: The state of uncertainty over the proposed Navi Mumbai International Airport has put the real estate market at Ulwe node, in shambles. It is mainly on the back of this project, home buyers have been showing interest in the area but now that there have been talks to scrap the project, there is a reason for property buyers to get jittery.

“Ulwe, the little known node of Navi-Mumbai stretch, has witnessed a sharp increase in land prices over the last five years. Significant development in infrastructure like the proposed airport project and a 22-km Trans-Harbour Link from Sewri to Nhava-Sheva, connecting the main city to Navi Mumbai, are set to make Navi Mumbai, in general and Ulwe, in particular, a real estate hotspot,” says Hariprakash Pandey, vice president-finance and investor relations, Housing Development & Infrastructure Limited (HDIL).

Both, the developers and buyers in Ulwe, have pinned their hopes on projects like the Navi Mumbai airport. It is not that the establishment of an airport makes a place livable but the fact that setting up an airport would ensure that the area and the surrounding places get good-quality roads and other infrastructure. The airport is seen as an engine of development here.

Replying to a query by a user on MagicBricks.com’s Guru Talk, Anant K Rajegaonkar, president, Confederation of Real Estate Developers Associations of India (CREDAI), Maharashtra and director, Suyojit Infrastructure Ltd, said, “The Ulwe node lies immediately to the south of the proposed Navi Mumbai International Airport. The node is equidistant to the Dronagiri and Kalambole nodes.”

Currently, the area is in a state of development and is waiting for the basic infrastructure including a network of roads, water supply and drainage system. The state of public transportation is almost negligible with the absence of buses. However, one could get auto-rickshaws. According to Vinay Manachanda, a realtor, “The area will take time to get facilities and that will happen once people start living there. Currently, it is an investment destination.”

However, that leads to a chicken and egg situation – whether the infrastructure and basic amenities should come first so that people find the place actually livable or should they move into the place so that the development takes place? Meanwhile, real estate developers have started offering discounts and a buyer may also get deals in the resale market. A 1,000 sq ft apartment in an under-construction, multi-storeyed project here, is generally available in the range of Rs 45-55 lakhs.

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